Maloney Supports Bipartisan Compromise to Reverse Last Congress’ Catastrophic Flood Insurance Hikes

Maloney Supports Bipartisan Compromise to Reverse Last Congress’ Catastrophic Flood Insurance Hikes

WASHINGTON, D.C. – March 12, 2014 – (RealEstateRama) — Rep. Sean Patrick Maloney (NY-18) strongly supported passage of a bipartisan flood insurance reform bill, which reverses the dramatic flood insurance rate hikes for homeowners. Passed by a vote of 306-91, the Homeowner Flood Insurance Affordability Act ends the automatic rate increases caused by events such as property sales and restores grandfathered rates for those who played by the rules and built their properties according to code. This bill also provides a refund for those families who have already been hit by unaffordable premium increases.

“After last Congress recklessly caused these catastrophic rate hikes, relief is on the way for my hardworking neighbors in the Hudson Valley,” said Rep. Sean Patrick Maloney. “Working together, we’re delivering meaningful results that will rollback unfair premium increases to Hudson Valley homeowners and businesses still struggling from recent storms including Irene, Lee and Sandy.”

In addition, this bill creates an appeals process for FEMA flood plain maps, lowers FEMA’s ability to increase rates, limits rate increases on newly mapped properties into flood hazard zones, reimburses policyholders who successfully appeal FEMA maps, and establishes a flood insurance advocate. Rep. Maloney worked to remove 125 households near Fishkill Creek from the inclusion in the flood plain, and he held an information session in Fishkill last week to connect homeowners directly with FEMA.

Rep. Maloney co-sponsored H.R. 3370, the Homeowner Flood Insurance Affordability Act, and now the bills heads to the Senate. A similar bill passed the Senate with a bipartisan vote of 68-32 on January 30.

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Next articleWASHINGTON, D.C. – March 12, 2014 – (RealEstateRama) — Rep. Sean Patrick Maloney (NY-18) strongly supported passage of a bipartisan flood insurance reform bill, which reverses the dramatic flood insurance rate hikes for homeowners. Passed by a vote of 306-91, the Homeowner Flood Insurance Affordability Act ends the automatic rate increases caused by events such as property sales and restores grandfathered rates for those who played by the rules and built their properties according to code. This bill also provides a refund for those families who have already been hit by unaffordable premium increases.